Ralph Lauren quietly shuttered its two-year-old 20,000-square-foot store last week. Other brands are expected to close boutiques in a city that has lost its luster for cash-rich mainland Chinese tourists.

After 11 years at the top, New York’s Fifth Avenue has lost its place to Hong Kong’s Causeway Bay.

IT’S CHEAPER THAN CAUSEWAY: After 11 years at the top, New York’s Fifth Avenue has lost its place as the world’s most expensive retail destination to Hong Kong’s Causeway Bay, according to a report from global real estate adviser Cushman & Wakefield.

Rents on the Asian thoroughfare average $2,630 a square foot in 2012, up 34.9 percent versus the same period last year, compared with $2,500 for Fifth Avenue — an increase of 11.1 percent.

But the biggest climber in the top 10 was Avenue des Champs-Elysées in Paris, which jumped two places into third spot, overtaking Tokyo’s Ginza and Sydney’s Pitt Street Mall. Rents on the Champs-Elysées now average $1,129 a square foot, representing a 30 percent jump year-on-year, boosted by the opening of Levi Strauss & Co. and the refurbishment of the Hugo Boss flagship, among others.

Global rents recorded a 4.5 percent average increase for prime locations as luxury retailers battled for space in the most coveted shopping destinations. “There has been the usual jostling for the top positions between Hong Kong and New York, but of course the real message here is the unfaltering advance of the top global cities, fuelled by a shortage of supply and the interest of international brands,” stated John Strachan, head of the global retail services at Cushman & Wakefield.

WWD's Ultimate Holiday Gift Guide is brought to you by @styleontherise and is complete with the perfect presents for everyone on your list. Click the link in our bio to start shopping NOW. #WWDHoliday #Sponsored

@rebeccaminkoff is bringing self-checkout to high fashion: The brand has partnered with @queuehop to bring its customers self-checkout options, beginning this holiday season at its SoHo store. (📷: @aurorarosephoto)

It was a big night for Demna Gvasalia at the Fashion Awards 2016 in London: The designer took home the award for international ready-to-wear designer for his work at @balenciaga, while his brand @vetements_official scooped international urban luxury brand. (📷: @giovanni_giannoni_photo)